This paper shows that a model which combines sticky price and sticky wages with investment in the cash-in-advance constraint generates business cycle dynamics consistent with empirical evidence. The model reproduces the responses of the key macroeconomic variables to technology and money supply...

“Judgement aggregation has been receiving increasing attention over recent years. Some typical impossibility results have been proved, about majority and other similar aggregation methods. Those results depend essentially on certain logical constraints borrowed from standard two- valued...

In experimental games, many subjects cooperate contrary to their material interest and they do that in a reciprocal manner. In addition, many subjects punish those others who behave unkindly, and previous history usually influences subjects’ choices. We propose a simple game-theoretical model...

General education and training are major forces determining earnings. According to the human capital model, wage differentials among individuals over the life-cycle are largely the result of different patterns of investment in human capital. This paper is intended to analyze the effects of...

La red viaria de gran capacidad constituye un instrumento fundamental de vertebración territorial que genera importantes efectos económicos. Son escasos, sin embargo, los trabajos dedicados a su análisis, principalmente por la falta de series de este tipo de capital con cobertura temporal y...

Agents’ knowledge combines their perception of what reality is with their conception of what reality should be. “Ethical dynamics” refers to the evolution in the latter conception. This is a key element to explain changes in agents’ objectives of action, which usually do not result...

El objetivo de este artículo es analizar los efectos derivados de la existencia de imperfecciones en los mercados de deuda sobre la evolución del capital productivo de las empresas. Las imperfecciones que se consideran son, la existencia de primas sobre el nivel de endeudamiento, y el...

The purpose of the article is to make a first appraisal of the contribution of the railway of Iberian gauge (Renfe) to the economic development experienced by the Spanish society throughout the second half of the 20th century. The text examine in the first place the benefits obtained by the...

Recent research has determined the existence of a border effect on trade flows within a country associated to agglomeration economies, the size of the spatial unit of reference, as well as to alternative measures of transport costs. Using a micro-database on road freight shipments within Spain...

We discuss how to properly decompose economic efficiency when the underlying technology is non-homothetic using alternative allocative and technical efficiency criteria. We first show that only under the production of one output and assuming the particular case of constant returns to scale...